ruling

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Related to Revenue Rulings: Private Letter Rulings

Ruling

An official opinion by the IRS on how it interprets U.S. tax law. The IRS may make a ruling, for example, after seeing taxpayers apply a deduction or credit to an unusual, but still relevant situation. The IRS determines whether or not it will accept the situation, and, afterward, applies the ruling to all comparable situations. It is also called a revenue ruling, a letter ruling, or a private letter ruling.

ruling

References in periodicals archive ?
TD 9478 and REG-131028-09, Revenue Rulings 2010-4 and 2010-5
Many courts deferred to revenue rulings that were reasonable and consistent with prevailing law; see, e.
In March, the IRS issued Announcement 95-25, which contained proposed revenue ruling regarding the impact of certain physician recruitment incentives on the tax-exempt status of hospitals that recruited physicians for their nonemployee medical staffs or to provide services on behalf of the hospitals.
Revenue Ruling 200931 held that section 401 plans may require or permit contributions based on cash compensation for unused paid time off work, and that plan participants will include such contributions in gross income only when they receive them as distributions.
The second ruling, Revenue Ruling 2004-110, concerns payments made in connection with the cancellation of an employment contract.
Revenue Ruling 58-112 further characterizes a trade or business activity as one that is regular, frequent and continuous.
Revenue Ruling 95-22 clarifies that proceeds received for the loss of a home and scheduled personal property can be reinvested in the home and/or contents, and restates that money received for contents is exempt from income, regardless of how the money is used.
Rulings by the Virginia Tax Commissioner are the state-level equivalent to revenue rulings or private letter rulings issued by the Internal Revenue Service.
The teleconference will address the impact of recent regulations, revenue rulings, and revenue procedures from the Treasury and IRS.
The service had held in revenue rulings 55-520 and 58-301 that cancellation payments were (1) not wages subject to Social Security, Medicare or federal income tax withholding and (2) includible in the employee's gross income in the year of receipt.
In support, Dover relied on the check-the box regulations and previously issued revenue rulings.
1) Overall, the number of precedential published guidance (regulations, revenue rulings, revenue procedures, and notices) noticeably decreased between 1980 and 2000.